Lithium Chile announces successful completion of Copper/Gold/Silver property spin out
TSX VENTURE: LITH
CALGARY, May 9, 2018 /CNW/ - Lithium Chile Inc. ("Lithium Chile" or the "Company") is pleased to announce that it has completed the previously announced "spin out" transaction of its subsidiary, Kairos Metals Corp. ("Kairos Metals") into a stand-alone company owning the Copper/Gold/Silver property portfolio previously held within Lithium Chile. The transaction was completed by way of a plan of arrangement involving Lithium Chile and Kairos Metals (the "Arrangement").
Pursuant to the Arrangement, shareholders of Lithium Chile each received one (1) common share of Kairos Metals (each a "Kairos Metals Share") for each four (4) common shares of Lithium Chile (each a "Lithium Chile Share") held by them on May 7, 2018, which was the distribution record date for the Arrangement. As a result of the Arrangement, Kairos Metals is now a reporting issuer pursuant to applicable securities laws.
Steve Cochrane, President and Chief Executive Officer of Lithium Chile, stated "We are pleased with the closing of this transaction. It creates two distinct resource companies that can now focus their energies and resources on developing their respective assets for the benefit of Lithium Chile shareholders."
Shareholders whose Lithium Chile Shares are held by a broker or other intermediary (or an agent or nominee thereof) should contact their broker or other intermediary in respect of the receipt of their Kairos Metals Shares pursuant to the Arrangement. Registered holders of Lithium Chile Shares will receive confirmation of a book-entry deposit of their Kairos Metals Shares directly from the Kairos Metals transfer agent.
The Arrangement remains subject to the final approval of the TSX Venture Exchange.
About Lithium Chile (TSX-V: LITH)
Lithium Chile Inc. is advancing a lithium property portfolio consisting of 148,500 hectares covering sections of 13 salars and 1 laguna complex in Chile. The properties include 64 square kilometres on the Salar de Atacama which hosts the world's highest concentration lithium brine production and is currently the source of about 30% of the world's lithium production. Lithium Chile Shares are listed on the TSX-V under the symbol "LITH". Additional information about Lithium Chile may be found in its continuous disclosure documents filed with Canadian securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
About Kairos Metals
Kairos Metals is advancing a Copper/Gold/Silver portfolio of 28,184 hectares over six projects in Chile. Kairos Metals intends to initiate further exploration work on one or two of its prospects shortly. Additional information about Kairos Metals may be found in its continuous disclosure documents filed with Canadian securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
On Behalf of the Board of Directors,
LITHIUM CHILE INC.
President and Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, this news release contains forward-looking statements relating to, among other things, the receipt of final approval for the Arrangement from the TSX Venture Exchange.
You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; and the success the Company will have in exploring its prospects and the results from such prospects. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.